Financial services mean those services which are provided by industry of finance. Industry of finance encompasses wide variety of business enterprises which deals with monetary management. Some of such type of organization includes credit-unions, companies of credit-card, banks, insurance-companies, and companies for consumer-finance, investment-funds, stock-brokerages as well as some enterprise sponsored by government.
Banks
One of the organizations which provide financial services is Bank. Commercial bank in normal words is called as Bank. We use the word commercial just to set a difference between it and investment-bank which is a sort of a financial-services-entity that do not directly lend money to business bodies rather helps it to raise its fund from different firms through stock / equity or bonds / debt.
Bank has many operations and some primary among them are as follows:-
Keeping the money in safe and also permitting to withdraw in case of requirement.
Checkbook?s issuance in order to make payments against bills or any other type of claim?s payment which can easily be done through post.
Providing loans for personal use, for commercial use as well as mortgage-loans i.e. loans granted for purchasing home, business or property.
Credit-card?s issuance also processing its billing and transactions.
Debit-card?s issuance so that it can be used as check?s substitute.
Allow transactions relating to finance at its different branches.
Allows transactions through ATM.
Provides fund?s wire-transfer as well as electronic-fund-transfer in between the banks.
Rendering facilities for direct-debits and standing-order in order to make payments against bills automatically.
Provide facility of internet banking and making it easy for the customers to check their transactions while sitting at home through internet.
Overdraft is also provided.
Renders services for notary for the financial as well as other important documents.
All this were the services rendered by the public bank.
There are many more services provided by different banks which are mentioned here under:
Private-banking ? Banks which are private also provide equivalent services which public banks provide. It prefers serving individuals who have high-net-worth. More of personal-services are being provided by this type of bank like management of wealth and planning regarding tax.
Bank-cards ? It includes both debit as well as credit-cards. Bank-cards are issued in a large quantity by the Bank of America.
Capital-market-bank ? It is a bank which underwrites equity and debt, assist deals of company and then restructure debts to structured-finance items.
Source: http://www.financialsolutionstoday.com/2012/02/financial-services-an-insight/
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